PAC Inks Major Lease at Atlanta Office Tower

Three Ravinia

Hapag-Lloyd has signed a 15-year lease with landlord Preferred Apartment Communities for 127,000 square feet of office space at Three Ravinia, an approximately 820,000-square-foot office tower in the Atlanta suburb of Dunwoody, Ga. CBRE represented both parties in the leasing agreement.

The German liner shipping company has leased almost five of the tower’s 32 floors to serve as the company’s North American headquarters. The move, slated for the second half of next year, is set to bring some 250 new jobs to Atlanta’s Central Perimeter submarket. What’s more, the firm is planning to invest $18 million in the new space, according to a press release from The Georgia Department of Economic Development.

With the new lease, Three Ravinia’s occupancy reached 94 percent. Hapag-Lloyd’s neighbors at the location include LeaseQuery, which signed a lease for 52,888 square feet of office space back in 2019.

The building at 3 Ravinia Drive is within a mile of the Dunwoody Marta Station connecting to downtown Atlanta, roughly 17 miles to the south. The location can also be reached via the nearby Interstate 285. A large number of dining and retail options are within walking distance of the property. 

CBRE Senior Vice-President Ellen Stern, Vice-President Sam Holmes, Executive Vice-President Jon Springer and Senior Vice-President Andrew Kaplan represented Hapag-Lloyd, while Senior Vice President Kyle Kenyon, also with CBRE, represented the landlord.

Keeping best in class 

PAC acquired Three Ravinia at the start of 2017 from CBRE Global investors for $210 million, CommercialEdge data shows, and renovated the property the following year. The LEED-certified building offers average floorplates of 21,792 square feet and more than 3 parking spaces per 1,000 square feet. The property also includes a fitness center, a conference room, a Starbucks coffee shop as well as outdoor gardens and walking trails.

Earlier this year, the company sold a $769 million office portfolio to Highwoods Properties. The transaction included assets in Charlotte, N.C., Raleigh, N.C., and more than 220,000 square feet of office space across two non-core Atlanta buildings.